Sainsbury’s Loans Review |

Sainsbury's Loans

Last Update: October 8th, 2016

Address: Premier House, City Road, Chester, CH88 3AN.
Branding: Sainsbury’s Bank Loans. AKA: Sainsburys Loans.
FCA Licence: 184514.
From: Sainsbury’s Bank plc (part of J Sainsbury Plc).
Launched: 1997.
Memberships: Non.
Related: No companies.

Product Details…
Bad Credit Sainsbury’s Loans Available?: No.
Manage: No Sainsbury’s Bank login at
Offers: Personal loans.
Opening Hours: Monday to Friday (8am/10pm), Saturday (8.30am/6pm), Sunday (9.30am/5.30pm).
Secure (SSL): Yes.
Sums: £1000 to £40,000 (new and returning).
Terms: 12 to 84 months.

The Pricing…
£64.76 /£1000 (12) <0.018%> | £127.04 (24) <0.017%> (N)
£65.24 /£1000 (12) <0.018%> | £128 (24) <0.018%>
£166.40 /£10,000 (12) <0.005%> | £321.44 (24) <0.004%> (N)
£171.68 /£10,000 (12) <0.005%> | £331.76 (24) <0.005%>

Notes: N = Nectar card saving. The APR rates for the examples shown are 12.4% (1k) and 3.1% (10k). The slightly higher rates of 12.5% and 3.2% are handed to those without a Nectar card. You can pick one up in a store, then simply validate it online and you’ll be up and running. The loan process needs to be completed by post. They send the agreement by first class mail, but you shouldn’t expect to have the funds in your bank for several working days. Bad credit is likely a no here, but they only state not having bankruptcy or CCJs on your file. There is a Sainsbury’s Bank login facility, but this is designed specifically for their credit card and savings products.

– Amounts: A £40,000 unsecured loan is available here when many competitors stop at 20k/25k.
– Experience: J Sainsbury teamed up with LBG’s Bank of Scotland to create their own bank in 1997 (19th February). They took complete control back in 2013. They were the first British supermarket to do this and Tesco soon hit back when they joined forces with RBS in the same 1997 year. This is of course one of the most historic brands in the supermarket world with a history that began in 1869.
– Extra Features: At the beginning of the agreement you can take out a 2 month repayment holiday.
– Operations: The customer care team is available 7/7. The 10pm finishes during the week is notable and the hours over weekends are also extensive. As impressive as they score in this department, the inability to manage your account online means that you will have to reach their advisors even if you wished to simply check out your current balance.
– Ownership: J Sainsbury Plc was at one time the leading supermarket and there is a great focus to again become Great. There is no doubt that they have mounted a serious challenge to the big high street banks. Their unsecured loan is one of the top market choices with people searching on Google. It is really Tesco who they’ve lost out in the battle for market share. Asda hasn’t posed much of a serious challenge through their Money service.
– Pricing: Their past 3.4% rate was the cheapest market deal across the 2015 year. In early 2016 they were taken over by M&S, but they recently dropped to 3.3% whilst M&S raised their rate. This means that they again offer the UK’s cheapest personal loans. More recently, they have dropped further to just 3.1%.
– Profile: They became the largest grocery retailer in 1922, but in the modern era they lost out to Tesco and then Asda. However, latest market data in 2016 shows that both they and Asda now have a 16% share. Tesco’s share is 28%. All of these majors have been losing ground in recent years to the German discounters. When it comes to banking, they have 1.7 million customers. Tesco’s latest tally is 7.6 million.
– Stores: There are over 1100 stores stretched out across the UK. When you head into any of these you will see that they clearly promote their car insurance, credit card and various other financial products extensively at the checkouts.
– Terms: Repayments can be spread over as long as 7 years. It is surprising that they don’t match Tesco’s 10 year limit. You would expect this since they offer £35k here in comparison to £25k.

– APR on larger sums change frequently. The most recent updates were 3.4%, then 3.3% and now 3.1%.
– Top loan sum was £35k. Now 40k.